Fannie Mae has rolled out new lending guidelines on Tuesday, September 1, 2009. Being approved for a Delaware Conventional home loan could be much more difficult. The new rules mark the first major underwriting update since April of this year. The changes are mostly geared at fraud prevention. Among the updates:

1. Stock options are no longer eligible for “reserves”
2. Relocating families can’t use the “trailing” spouse’s projected income
3. “Tip” income must be documented and verified
4. Lenders must call employers to verify employment
5. Lenders must verify tax transcripts against IRS records

But there are other changes, too. As examples:

1. Owners and buyers of 2-unit homes are subject to new minimum FICOs with larger downpayment and equity requirements.
2. Only 70% of the stock, bond, and mutual values may be used as reserves
3. Only 60% of retirement assets may be used as reserves

For information on the complete guideline changes visit http://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0919.pdf

If you need help qualifying for a Delaware Home Loan please call me at 302-588-3665 or you can APPLY ONLINE HERE.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713